Wealthy Canadians exposed in KPMG offshore tax 'sham' - Business - CBC News
Meanwhile, in Canada...
A billionaire Ontario developer with an Order of Canada, a senior vice-president with media giant Rogers Communications and the owners of Winnipeg's famed Nutty Club candy factory are among numerous wealthy Canadians who appear to be linked to a secret tax dodge in the Isle of Man, according to an investigation by CBC's the fifth estate and Radio-Canada's Enquête.
In its internal marketing pitches, KPMG solicited Canadians with a "minimum" of $5 million to invest in an "Offshore Company Structure," charging clients $100,000 simply to start it up. KPMG also guaranteed confidentiality.
In its Isle of Man scheme developed in 1999, KPMG also promised "no tax" on offshore investments - a scheme the Canada Revenue Agency later described as a "sham" in court documents.
The Canada Revenue Agency eventually offered a secret amnesty to the accounting firm's clients who had been using the scheme.
But now, some of that secrecy has been exposed...
Wealthy Canadians exposed in KPMG offshore tax 'sham' - Business - CBC News
A billionaire Ontario developer with an Order of Canada, a senior vice-president with media giant Rogers Communications and the owners of Winnipeg's famed Nutty Club candy factory are among numerous wealthy Canadians who appear to be linked to a secret tax dodge in the Isle of Man, according to an investigation by CBC's the fifth estate and Radio-Canada's Enquête.
In its internal marketing pitches, KPMG solicited Canadians with a "minimum" of $5 million to invest in an "Offshore Company Structure," charging clients $100,000 simply to start it up. KPMG also guaranteed confidentiality.
In its Isle of Man scheme developed in 1999, KPMG also promised "no tax" on offshore investments - a scheme the Canada Revenue Agency later described as a "sham" in court documents.
The Canada Revenue Agency eventually offered a secret amnesty to the accounting firm's clients who had been using the scheme.
But now, some of that secrecy has been exposed...
Wealthy Canadians exposed in KPMG offshore tax 'sham' - Business - CBC News